How can population changes affect demand for certain goods?
(A) People at different stages of their lives have different demands.
(B) Different levels of demand will cause different prices.
(C) More people demanding goods will cause prices to rise.
(D) Demand will exceed supply under some population conditions.
Ans: (D) Demand will exceed supply under some population conditions.
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The capture theory of regulation is that regulations
A) help producers to maximize economic profits. B) mean producers suffer losses. C) result in diseconomies of scale. D) benefit society, not producers. E) benefit the regulators, not the producers or the consumers.
There is only one supermarket in Beverly Hills, California because
A) supermarkets can't compete effectively against residents in buying land. B) supermarket owners are paying attention to sunk costs in their location decisions. C) the demand for food is highly elastic in wealthy neighborhoods. D) the demand for food is highly inelastic in wealthy neighborhoods. E) wealthy people rarely do their own grocery shopping.